Asian stocks fell, pushing the regional index to an almost two-week low, as investors weighed company earnings amid prospects for additional sanctions against Russia over the Ukraine crisis. Wheat climbed with nickel as the Korean won gained.
The MSCI Asia Pacific Index lost 0.4 percent by 12 p.m. in Tokyo, headed for the lowest close since April 15. Japan's Topix index slid toward a fourth straight monthly loss, dragged lower as Honda Motor Co. plunged after earnings forecasts missed estimates. Standard & Poor's 500 Index futures fluctuated and Nasdaq 100 Index contracts were little changed after Internet stocks tumbled April 25. The won strengthened 0.3 percent. Wheat futures advanced a fifth day, rising 0.9 percent, while nickel jumped 1.2 percent in London.
The U.S. and European Union will impose new sanctions on Russia as soon as today amid the detention of international observers by pro-Russian separatists. Russia is one of the world's biggest nickel producers and is the fifth-largest wheat exporter, followed by Ukraine. The Bank of Japan and U.S. Federal Reserve meet on monetary policy this week while markets await reports on American employment and Chinese manufacturing.
Recommended Content
Editors’ Picks
EUR/USD edges lower toward 1.0700 post-US PCE
EUR/USD stays under modest bearish pressure but manages to hold above 1.0700 in the American session on Friday. The US Dollar (USD) gathers strength against its rivals after the stronger-than-forecast PCE inflation data, not allowing the pair to gain traction.
GBP/USD retreats to 1.2500 on renewed USD strength
GBP/USD lost its traction and turned negative on the day near 1.2500. Following the stronger-than-expected PCE inflation readings from the US, the USD stays resilient and makes it difficult for the pair to gather recovery momentum.
Gold struggles to hold above $2,350 following US inflation
Gold turned south and declined toward $2,340, erasing a large portion of its daily gains, as the USD benefited from PCE inflation data. The benchmark 10-year US yield, however, stays in negative territory and helps XAU/USD limit its losses.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Week ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.